Superintendent of Police (West) D Kalyan Chakravarty told reporters that the the accused allegedly killed Avinash Sharma (21) on the intervening night of May 31 and June 1.
Those arrested have been identified as Himanshu Jain (21), Mukul Rathore (21), Lokesh Rathore (30) and Pankaj Rathore (31), the police official said.
Among those arrested, Himanshu was Avinash's partner in the academy which closed down, the police official said.
Avinash had borrowed Rs 9.5 lakh from his brother and uncle, which was given to Himanshu, but after the academy downed shutters, he (Himanshu) did not return the money, due to which a conspiracy was hatched to kill Avinash, the police official said.
Later, he along with his three associates stabbed Avinash and also set his face afire by pouring petrol to hide his identity and threw the body under a bridge, the SP said.
However, acting on the leads police managed to arrest all four of them and exposed the conspiracy.
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